Ethereum's current market situation is not about providing direction but about filtering participants.

From a technical perspective, this level shows no signs of strengthening nor obvious signs of weakening; it’s just oscillating back and forth in the middle. The move from 2900 to 3300 looked fierce, but in reality, it was just capital gradually raising the cost basis, indicating that there was still consensus at that time.

The problem lies above 3300—continuous upper shadows and a noticeably faster pullback, with the main forces beginning to diverge. The market has shifted from "pushing" to "changing."

Now, returning to the 3080-3100 range, the situation becomes interesting. You will see a typical chip exchange characteristic:

It doesn’t break down, and rebounds can’t push higher.

Every downward attempt is supported by funds, but the rebound is quickly crushed back. This is clearly not a trend position; it’s purely a chip exchange zone. Those eager to go long or short are repeatedly shaken out here, patience is constantly consumed, and opportunities are actually disappearing.

There are only two critical points to watch:

The first is holding steady above 3200, which indicates that the chips above have been absorbed, possibly continuing upward; the second is breaking below 3000. If it falls and the subsequent rebound is weak, only then can the trend truly be confirmed as weakening.

Before these two points are confirmed, the market is doing one thing—consuming your patience, not offering real opportunities.